A home warranty is a type of insurance policy that provides coverage for the repair or replacement of major home systems and appliances. It is typically purchased by homeowners to protect themselves from unexpected expenses related to the maintenance and repair of their home. The warranty typically covers items such as heating and cooling systems, electrical systems, plumbing, and kitchen appliances. When a covered item breaks down or malfunctions, the homeowner can contact the warranty provider, who will arrange for a qualified technician to assess and repair the issue. The homeowner is responsible for paying a service fee or deductible for each service call, and the warranty provider covers the remaining costs. Home warranties can provide peace of mind and financial protection for homeowners, especially for older homes or homes with older systems and appliances.
A home warranty is a service contract that provides coverage for the repair or replacement of major home systems and appliances due to normal wear and tear.
A home warranty typically covers systems such as heating, electrical, plumbing, and appliances like refrigerators, dishwashers, and ovens. However, coverage can vary depending on the specific plan and provider.
Most home warranty contracts last for one year, but some providers offer longer terms. It’s important to review the terms and conditions of the warranty to understand the duration of coverage.
Pre-existing conditions are generally not covered under a home warranty. It is crucial to read the contract carefully to understand the specific exclusions and limitations.
The cost of a home warranty can vary depending on factors such as the size of the home, the level of coverage, and the provider. On average, a home warranty can range from $300 to $600 per year.
Yes, most home warranties require a service fee or deductible to be paid for each service call. The amount can vary, so it’s important to review the terms of the warranty to understand the costs involved.
In most cases, home warranty providers have a network of approved service providers. However, some warranties may allow you to choose your own provider, but it’s important to check the terms and conditions.
Yes, many home warranties are transferable to new homeowners. This can be an attractive selling point for potential buyers and may increase the value of your home.
No, home warranties are not mandatory. They are optional contracts that homeowners can choose to purchase for added peace of mind and protection.
Yes, you can typically cancel your home warranty at any time. However, cancellation policies and fees may vary depending on the provider. It’s important to review the terms and conditions of the warranty for specific details on cancellation.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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